Forvis Mazars provides financial and tax due diligence, SPA advisory and model audit to SNIB on the Devilla battery project

Devilla BESS is a 500MW construction-stage battery project located in Kincardine, Scotland. Once commissioned in 2028, the 2-hour-duration BESS asset will be among Europe’s largest storage facilities, supporting both grid stability and the integration of renewable energy generation.

The Scottish National Investment Bank took a minority stake in the project alongside Nuclear Liabilities Fund. Copenhagen Infrastructure Partners will retain a majority stake in the project.

As an impact investor, the Scottish National Investment Bank is focused on investing in businesses and projects that support the development of a fairer, more sustainable Scottish Economy.

Forvis Mazars put together a team combining financial and tax Due Diligence experts, alongside SPA advisory. We also provided model audit services in relation to the project under a coordinated service offering to The Scottish National Investment Bank.

Thanks to constant communications with the SNIB team and other advisors, with sector expertise including on such under-construction assets, we have been able to support the client successfully.

Pierre-Paul Jacquet - Partner, said - "We are pleased to have supported SNIB on this important investment, delivering comprehensive financial due diligence to help underpin their decision‑making. It was a highly collaborative process, and we are proud to have contributed to a successful outcome alongside all parties involved." 

Greig Simms - Partner, said - "It has been a privilege to advise SNIB through the provision of tax due diligence on this transaction. This deal reflects the value of bringing together deep technical expertise and a pragmatic approach to help clients execute transactions with confidence."

Robin Tayal - Director at SNIB, said - “Forvis Mazars were a valued adviser on our investment in the Devilla BESS project, delivering robust financial & tax diligence and model audit services alongside clear, practical advice. Their collaborative approach and responsiveness helped us significantly to close on this landmark transaction for the Bank.”

Related links

Copenhagen Infrastructure Partners partially divests 500MW Devilla BESS project to Scottish National Investment Bank and Nuclear Liabilities Fund